Quote of the Day
Thursday, January 05, 2012
January 5, 2012 -- "I can calculate the movements of heavenly bodies, but not the madness of people." -- Sir Isaac Newton
We are ready to test the madness and courage of Iran, a giant oil exporter. China, Iran's biggest buyer of oil, has already cut Iranian oil imports by more than half and Japan has done the same. Will the US bow to Iran's threats? Gold (which always surges in time of possible war) is up 7 dollars this afternoon on the threat of war. Will Iran carry out its bold threats? We'll see. It seems doubtful -- but yet??
Meanwhile, the stock market drifts aimlessly as it awaits the outcome.
It looks to me as though Newt is a loser. Too much smugness in his facade.
I watched Obama speak and I was surprised by his smirky smiles and his playing to the crowd. Obama really likes the feel of the presidency and I think he loves the power that the presidency gives him.
Adios, with my fingers crossed,
TODAY'S MARKET ACTION:
My PTI was unchanged at 6341. The moving average at 6314, so my PTI is bullish by 27.
The Dow was down 2.72 to 12415.70.
Transports were down 11.75 to 5071.21.
Utilities were up 0.86 to 453.88.
NASDAQ was up 21.50 to 2669.86.
S&P 500 was up 3.76 to 1281.06.
February crude was down 1.73 to 101.49.
Total Volume on the NYSE and associated exchanges was 4.26 bn.
There were 1838 advances and 1198 declines on the NYSE.
There were 98 new highs and 14 new lows.
The Big Money Breadth Index was down 6 at 973.
Bonds: Yield on the 10 year T-note was 1.99. Yield on the long T-bond was 3.05. Yield of the 91 day T-bill was 0.015%.
Dollar Index was up 0.76 at 80.89. Euro was down 1.52 at 127.92. Yen was down 0.73 at 129.70. Currency Prices as of 1 PM Pacific Time.
February gold was up 7.40 to 1620.10. February silver was up 0.19 to 29.29.
My Most Active Stocks Index was up 3 at 236.
GDX was up 0.16 at 53.90.
HUI was up 1.19 to 522.63.
CRB Commodity Index was down 5.26 at 308.54.
The VIX was down 0.74 to 21.48.
Permanent Portfolio Fund (PRPFX) was down 0.04 at 46.75 (previous day closing). YTD Return: 1.43%.